Offshore banks

mtajim · 07-19-2007, 04:37 AM

Does opening offshore bank account and puttting all your money into it saves you from taxes. Wont the country that these banks are in charge any kind of tax or fees for providing such services.

Jerlene · 07-25-2007, 12:38 PM

It depends on where you're from and what country you'll be keeping your money at.

I'm in the U.S. so if I decided to put my money into a Swiss bank, the U.S. couldn't charge me taxes. Of course I would need to pay fees, just like any other bank.

whooped · 08-20-2007, 01:56 PM

Well, this won't save you from income tax, if you earn in the country where you live. The country wont charge any taxes, usually, but the bank will charge fees depending on your balance.

Jerlene · 08-21-2007, 11:03 PM

Quote:

Well, this won't save you from income tax

Yes it will.

scoopy301 · 09-26-2007, 03:42 AM

By opening a account in a offshore bank and putting all your money in that account can save you from tax but it all depends on the rules of that country

Lumber Joe · 07-03-2009, 11:19 AM

Quote:

Originally Posted by Jerlene

It depends on where you're from and what country you'll be keeping your money at.

I'm in the U.S. so if I decided to put my money into a Swiss bank, the U.S. couldn't charge me taxes. Of course I would need to pay fees, just like any other bank.

Well, what you just described will be classified as tax evasion that is crime and is punishable. Even if IRS can not track your offshore bank account, you have obligation to report it and report any income you receive there.

dionisio · 05-19-2010, 12:04 AM

It depends. If you're running a U.S. based company - for example - but doing it h offshore accounts you still have to claim all that money with the U.S and they're getting good at tracking it. Be careful !